Identity Theft is an Increasing Concern.
Identity Theft affects many Americans very personally, every day. Nationally, the
Federal Trade Commission
(FTC) reported 313,982 complaints of identity theft in 2008. California
has 5 of the Nations’ top 10 metropolitan areas for identity theft complaints, according
to Federal Trade Commission research published in 2009.
Identity thieves fraudulently obtain and use other people’s personal information,
bank account numbers, Social Security Numbers, Driver’s License Numbers and other
personal information to open fraudulent bank accounts, establish unauthorized credit
lines, obtain loans and wrongfully report wages.
While victims are often not held responsible for the fraudulent debts established
in their name, the responsibility for contacting banks, credit issuers and other
agencies to dispute these fraudulent charges does fall on the victims of identity
theft. The hours and effort required to contact these agencies and bureaus are a
major inconvenience, significantly impacting the lives of victims as well as consumer
prices and interest rates for everyone.
Identity Theft Protection Coverage
Identity Theft Protection assists with the costs of restoring and repairing a consumer’s
identity and credit history. Limited reimbursement for the expenses associated from
fraud may include:
- Certified Mail
- Long distance phone calls
- Notary services for declarations and affidavits
- Lost wages
- Reasonable attorney fees
- Loan application fees
How to Protect your Identity
In addition to the protection offered through identity theft protection, consumers
can take the following steps to help protect their personal information and prevent
identity theft:
- Report lost or stolen checks immediately
- Shred or destroy financial and personal documents before disposing of them
- Protect your ATM pin number and keep track of transaction receipts
- Review your credit files with the major credit reporting agencies annually
- Limit the amount of personal information in your purse or wallet
- Be mindful of “shoulder surfers” when making purchases with credit or debit cards
- Only buy from reputable online retailers with secure, encrypted networks
- Beware of email, telephone or online requests for personal information
- Track your credit card and bank activity
If suspect or are a victim of identity theft or fraud:
- Place fraud alerts on your credit reports with the three major credit reporting
agencies immediately
- Contact your local law enforcement agency and file a complaint
- Contact the Federal
Trade Commission and file a complaint
- Contact the Social Security Administration Fraud Division
Credit Reporting Agencies
Additional Identity Theft Information Resources